Suppose a firm's production function is given byQ=L^(1/2)K^(1/2).

1. Suppose the firm has a fixed cost FC=6, the price of labor isw= 64 and the price of capital isr= 4. Derive the firm's total cost function,TC(Q).
2. What is the firm's marginal cost?
3. Graph the firm's isoquant forQ= 20 units of output. On the same graph, sketch the firm's isocost line associated with the total cost of producingQ= 20 units of output. To get this total cost, you must use the total cost function from part a). For the isocost line, clearly identify the vertical and horizontal intercepts. For the isoquant, clearly identify 4 combinations of labor and capital that will produceQ= 20 (including the bundle that minimizes the firm's cost of production. Make sure your graph is neatly and accurately drawn and carefully labeled.

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